Daily Current Affairs 24 April 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Shriram Finance Introduces Digital-Only Fixed Deposit Scheme with 8.15% Interest Rate   

• Shriram Finance Limited. (SFL), a non-banking financial company, has introduced a digital fixed deposit (DFD) scheme, along with a fixed income plan (FIP) and a recurring deposit, available exclusively through the Shriram One App and website.
• Customers would be able to obtain a Shriram Unnati fixed deposit (FD) with a tenor of 15 months at a rate of interest of 8.15%.

Key Highlights :

• Additional Benefits for Special Categories :
• Senior citizens receive an additional 0.50% interest.
• Women depositors get an extra 0.10% interest.
• All depositors can claim an additional 0.25% benefit on FD renewal, provided it’s done digitally or through online channels.
• Minimum Deposit Requirements :
• While Unnati FDs with other tenors will be available both online and offline, the specific 15-month FDs will only be available for purchase through the Shriram One App and its website.
• The minimum deposit amount would be ₹5,000.
• Fixed Income Plan (FIP) and Recurring Deposit (RD) :
• Along with the new launch, SFL has also made its Fixed Income Plan (FIP), or Recurring Deposit (RD) currently marketed through digital and offline mode, exclusive to the Shriram One App and SFL website.
• The FIP interest rates have been increased, with the following structure :

• There will be an additional interest rate benefit of 0.10% for women depositors.
• The minimum deposit amount would be ₹1,000 a month.
• Both the digital-only FD and the FIP (Recurring Deposit) scheme will be available on the Shriram One app and the Shriram Finance website from April 22, 2024.

About HDFC Bank :

• Founded : 1st July 2023 (via the merger between HDFC-HDFC bank)
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Sashidhar Jagdishan
• Tagline : We Understand Your World

Reserve Bank of India Fines NABFINS Limited, Bengaluru Rs 10 Lakh for Rule Non-Compliance   

• The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 10 lakh on NABFINS Limited, a subsidiary of NABARD, for non-compliance with certain rules.
• This is related to non-compliance provisions of the non-banking financial company – systemically important non-deposit taking company and deposit taking company directions, 2016
• This penalty has been imposed in exercise of powers conferred on RBI under the provisions of clause (b) of sub-section (1) of section 58 G read with clause (aa) of sub-section (5) of section 58 B of the Reserve Bank of India Act, 1934.

Recent News :

• In April, 2024 The Reserve Bank of India (RBI) imposed penalties totalling Rs 3 lakhs on 5 cooperative banks i.e. Rajkot Nagarik Sahakari Bank : Rs 43.30 lakh, Kangra Co-operative Bank (New Delhi), Rajdhani Nagar Sahkari Bank (Lucknow), and Zila Sahakari Bank, Garhwal (Kotdwar, Uttarakhand): Rs 5 lakh, District Co-operative Bank (Dehradun): Rs 2 lakh for contravention of various regulatory norms.

About NABFINS :

• Headquarters : Bengaluru, Karnataka
• NABFINS Limited (NABFINS), is a company incorporated under the Companies Act, 1956 and registered with Reserve Bank of India as an NBFC-mFI.
• It is a subsidiary of National Bank for Agriculture and Rural Development (NABARD) with equity participation from NABARD, Government of Karnataka, Canara Bank, Union Bank of India, Bank of Baroda, Dhanalakshmi Bank and Federal Bank.

World Bank Proposes $1 Billion Line of Credit to State Bank of India for India’s Clean Energy Initiative

• The World Bank is planning to provide a USD 1 billion line of credit to the State Bank of India (SBI) to accelerate India’s transition to clean energy, according to sources familiar with the development.
• The financing aims to support the expansion of battery storage systems and electric mobility initiatives across the country.
• Objective and Context : The credit line comes at a crucial time as India races to meet its ambitious renewable energy targets while grappling with rising crude oil prices and import dependency on fossil fuels.
• The funds will be disbursed in tranches to mobilise early investments and attract private capital in these green sectors.

Key Highlights :

• Significance of Battery Energy Storage Systems (BESS) : Large-scale Battery Energy Storage Systems are crucial for integrating solar and wind power into India’s electricity grid, compensating for intermittent energy production.
• The Central Electricity Authority (CEA) estimates India will need 27 GW of battery storage systems with four hours of storage by 2030 to support renewable energy production.
• India’s Renewable Energy Targets:The Indian government has set a target to install 500 gigawatts (GW) of renewable energy capacity by 2030, requiring 50 GW of new installations annually.
• Achieving these goals will require significant investment in grid-scale storage to maintain a stable power supply amid fluctuations from renewable sources.
• India’s Nationally Determined Contribution (NDC):India aims to source 50% of its installed power generation capacity from non-fossil fuel sources by 2030, as part of its updated NDC.
• This necessitates a coordinated effort and strategic investments in clean energy solutions to meet these commitments.

About World Bank :

• Established : July 7, 1944
• Headquarters : Washington, D.C., U.S
• President : Ajay Banga
• The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects.
• The World Bank is the collective name for the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA), two of five international organizations owned by the World Bank Group.

About SBI :

• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara
• CFO : Kameshwar Rao Kodavanti

CURRENT AFFAIRS: NATIONAL NEWS

𝐖𝐨𝐫𝐥𝐝 𝐄𝐧𝐞𝐫𝐠𝐲 𝐂𝐨𝐧𝐠𝐫𝐞𝐬𝐬 𝟐𝟎𝟐𝟒: 𝐏𝐨𝐰𝐞𝐫 𝐒𝐞𝐜𝐫𝐞𝐭𝐚𝐫𝐲 𝐚𝐧𝐝 𝐈𝐧𝐝𝐢𝐚𝐧 𝐀𝐦𝐛𝐚𝐬𝐬𝐚𝐝𝐨𝐫 𝐈𝐧𝐚𝐮𝐠𝐮𝐫𝐚𝐭𝐞𝐬 𝐈𝐧𝐝𝐢𝐚 𝐏𝐚𝐯𝐢𝐥𝐢𝐨𝐧

• The Ministry of Power’s Secretary Pankaj Agarwal and Ambassador of India to the Netherlands Reenat Sandhu jointly inaugurated the India Pavilion at the 26th World Energy Congress (WEC) 2024.
• Participated by the Indian Renewable Energy Development Agency Limited (IREDA) and other CPSEs under the Ministry of Power, New & Renewable Energy (MNRE), Coal and Petroleum & Natural Gas, the pavilion serves as a testament to the country’s technological progress in the energy and power sector.
• The visit of the Power Secretary and the Indian Ambassador at IREDA’s stall marked a significant exchange of ideas, focusing on IREDA’s initiatives and the transformative potential of renewable technologies in the energy sector
• The India Pavilion at WEC serves as a hub for showcasing innovative technologies and power generation practices, reinforcing India’s commitment to environmental conservation on the global stage.
• Other CPSEs such as ONGC, NTPC, PFC, REC, Power Grid, NHPC, and SECI also participated in the flagship event, collectively reinforcing India’s leadership in the global energy transition.

Small exporters seek continuation of amnesty scheme till September:

• Several small exporters have requested the government to continue the amnesty scheme for one-time settlement of default in export obligation till September, an industry body.
• Ludhiana-based Hand Tools Association President S C Ralhan said the number of small exporters have not been able to avail of benefits of the scheme due to fulfilling their obligations to make make payments to MSMEs within 45 days.
• According to Section 43B(h) of the Income Tax Act, introduced through the Finance Act 2023, if a larger company does not pay an MSME on time — within 45 days in case of written agreements — it cannot deduct that expense from its taxable income, leading to potentially higher taxes.
• The last date for payment of customs duty plus interest ended on March 31, 2024.
• In the new foreign trade policy (FTP), the scheme was announced for exporters for one-time settlement of default in export obligation by the holders of advance and EPCG (export promotion for capital goods) authorisations.

CMFRI develops seed production technology for high value marine fish golden trevally

• In a significant achievement in India’s mariculture sector, the researchers of the ICAR-Central Marine Fisheries Research Institute (CMFRI) has succeeded in captive breeding of golden trevally (Gnathanodon speciosus), a high value marine fish.
• Scientists at CMFRI’s Visakhapatnam Regional Centre achieved successful bloodstock development, captive breeding and larval rearing of the fish after five years of research.
• Golden trevally or golden king fish is an ideal candidate species for mariculture (marine aquaculture) due to its faster growth rates, good meat quality, and huge market demand for both consumption and ornamental purposes.
• The farm-gate value of the fish is Rs. 400-500 per kg.
• A team of scientists at the Visakhapatnam Regional Centre of CMFRI led by Dr Ritesh Ranjan, Senior Scientist started the research efforts on seed production of this fish in 2019.

Milestone in the Indian mariculture sector

• In India, the fish landing observations show that the golden trevally are landed predominantly at reef area fishing grounds in Tamil Nadu, Puducherry, Kerala, Karnataka and Gujarat.
• The total fish landings estimate for the last five years i.e. 2019, 2020, 2021, 2022 and 2023 was 1106, 1626, 933, 327 and 375 tonnes respectively mainly from Ramanathapuram, Nagapattinam, Chennai, Pudukottai, Trivandrum, Ernakulam, Tirunelveli, Tanjavur, Tuticorin, Udupi and Gir Somnath districts.

CURRENT AFFAIRS: BUSINESS NEWS

IFCI gets Rs 500 cr capital infusion from govt via issuance of equity

• State-owned IFCI has received a capital infusion of Rs 500 crore through the issuance of equity shares to the government on a preferential basis.
• Allotment of 123,977,188 shares to the Government of India was done on April 18, 2024, on a preferential basis, IFCI in a regulatory filing.
• Following the capital infusion, the government holding in t he oldest financial institution IFCI has increased from 70.32 per cent to 71.72 per cent.
• The government had infused Rs 100 crore in 2022 in long-term infrastructure financier IFCI Ltd.
• The Industrial Finance Corporation of India was set up by the government on July 1, 1948, as the first Development Financial Institution in the country.

Sustained growth of 7% feasible for India

• Sustaining the economic growth momentum of 7 per cent in 2024-25 and beyond is feasible on the back of favorable monsoon, higher farm productivity and improved global trade, RBI Monetary Policy Committee (MPC) member Shashanka Bhide.
• During 2023-24, the economy is likely to record a growth rate of nearly 8 per cent on account of good performance of manufacturing and infrastructure sectors.
• (India’s economic) Growth in the current year will likely be supported by agriculture with a favourable monsoon and improved global trade. Sustaining the growth momentum of 7 per cent seems feasible

Recent news

• The International Monetary Fund (IMF) raised India’s growth projection to 6.8 per cent for 2024 from its January forecast of 6.5 per cent citing bullish domestic demand conditions and a rising working-age population.
• The Asian Development Bank (ADB) also raised India’s GDP growth forecast for the current fiscal to 7 per cent from 6.7 per cent earlier, saying the robust growth will be driven by public and private sector investment demand and gradual improvement in consumer demand.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Setu, a Pine Labs Company, Names Former SAP India Executive Anand Raisinghani as Chief Executive Officer 

• Pine Labs-owned API infrastructure company Setu appointed Anand Raisinghani as the company’s new chief executive officer (CEO).
• Raisinghani, who succeeds Sahil Kini at the company, will work in the space of open banking, account aggregation, API platforms, embedded finance, and data gateway.

About Anand Raisinghani :

• Raisinghani is a former executive at SAP India, where he served as vice-president (VP) and head of professional services for BFSI, telecom, and media.
• He has over two decades of experience and has worked for global technology companies like Equifax, IBM, and Wipro.
• He will collaborate closely with Setu’s co-founder, Nikhil Kumar, who has been instrumental in shaping India’s API economy through India Stack, Aadhaar, and UPI.

About Setu :

• Founded : 2018
• CEO : Anand Raisinghani
• Setu has received a Certificate of Registration from the Reserve Bank of India (RBI) to operate as an Account Aggregator.
• Setu is an application programming interface (API) company providing services in account aggregation, data gateway, identity verification, embedded finance, Open Network for Digital Commerce (ONDC), WhatsApp Business, and Bharat Bill Payment Service (BBPS).
• Pine Labs acquired Setu in 2022 for approximately $75 million.

About Pine Labs:

• Pine Labs is a merchant commerce omnichannel platform operating across India, the Middle East, and Southeast Asia.

Hero MotoCorp’s CTO Arun Jaura Resigns; Vikram Kasbekar to Head R&D

• Hero MotoCorp has announced the resignation of Arun Jaura, Chief Technology Officer (CTO), from his position to pursue personal endeavors.
• It will be effective from April 30, 2024.
• Vikram Kasbekar, in addition to his existing role as Head of Global Product Planning, will assume the responsibility of leading the R&D function.
• Arun Jaura joined the company two and a half years ago in 2022 and has played an active role in expanding the company’s portfolio.
• Kasbekar has extensive experience across R&D, product planning, and manufacturing operations.
• Vikram previously led this function and oversaw the smooth and successful transition from BS4 to BS6 emission standards.

Recent News :

• In April 2024, Hero MotoCorp inaugurated a new assembly facility in Nepal, with the aim to bolster its presence and expansion in the country, with its local partner, CG Motors.
• The new facility will have an annual capacity of 75,000 units.
• Currently, Hero sells the XPulse 200 4V, Xoom 110, Super Splendor and the Splendor Plus in Nepal.

About Hero MotoCorp Limited :

• Founded : 19 January 1984
• Headquarters : New Delhi
• Executive Chairman & Whole-time Director : Pawan Munjal

Nidhi S Jain (IA&AS) Appointed as Chief Vigilance Officer at the Cotton Corporation of India

• The Central Government has approved the appointment of Nidhi S Jain as Chief Vigilance Officer (CVO) of Cotton Corporation of India Limited (CCI).
• The appointment is for an initial period of 3 years, starting from the date she assumes charge or until further orders, whichever occurs earlier.
• The order for her appointment was issued by the Department of Personnel & Training (DoPT).

About Nidhi S Jain :

• Nidhi is an Indian Audit and Accounts Service (IA&AS) service officer of 2009-batch.
• She has been serving as Director of Audit (Environment & Scientific Departments), Branch office, Mumbai since July 13, 2020.
• Before her current posting, she has handled various kinds of Audits like civil, receipts, commercial, defence and has also been entrusted with UN audit assignments.
• Before her appointment as CVO at Cotton Corporation of India Limited, she was Director of Audit (Environment & Scientific Departments) in Mumbai, Maharashtra.

About CCI :

• Founded : 1970
• Headquarters : Mumbai, Maharashtra
• Chairman & Managing Director : Lalit Kumar Gupta
• The CCI is a central public sector undertaking under the ownership of the Ministry of Textiles, Government of India, engaged in diverse activities related to trade, procurement, and export of cotton.

Gajanan Kale Appointed as Chief Executive Officer of Tata Power Delhi Distribution

• Gajanan Sampatrao Kale has been appointed as the new chief executive officer (CEO) of Tata Power Delhi Distribution Limited (TPDDL).
• Kale replaces Ganesh Srinivasan, who served as CEO of TPDDL from 2019 until his departure.

About Gajanan Sampatrao Kale :

• Kale began his career at Bharat Heavy Electricals Limited (BHEL) in Bhopal.
• He has also held positions at Central Railway Nagpur Division and Delhi Vidyut Board.
• Kale, an M-Tech in Integrated Power Systems from NIT-Nagpur, has been with Tata Power group since 2003.
• Before joining Tata Power-DDL, Kale served as the Chief Executive Officer of TP Western Odisha Distribution Limited (TPWODL) since 2021.
• He also served as the CEO of Tata Power Ajmer Distribution Ltd (TPADL) from 2018 to 2020.
• This is his second stint with TPDDL.
• During his previous tenure, in the operations and commercial verticals, he spearheaded major projects for operations transformation, network revamping, business process reengineering of revenue management, and resource planning & management.

About TPDDL :

• Founded : 4 July 2002
• Headquarters : Delhi, India
• Tata Power Delhi Distribution Limited (TPDDL) is an Indian electric utility serving the Northern part of Delhi.
• It is a joint venture between the Government of NCT of Delhi and Tata Power Company Limited, which holds a 51% majority stake in the venture.
• The company was the first in the country to initiate an Automated Metering Infrastructure based Auto Demand Response programme to help manage grid stress and peak demand.

Sakshi Mittal appointed as Director in Department of Personnel & Training

• Sakshi Mittal has been selected for the appointment as Director in the Department of Personnel and Training (DoPT).
• The appointment is under the Central Staffing Scheme for a period of 5 years from the date she assumes charge or until further orders, whichever occurs earlier.
• Sakshi Mittal is a 2010-batch Indian Administrative Service (IAS) officer from the Arunachal Pradesh, Goa, Mizoram, and Union Territories (AGMUT) cadre.
• She was recommended for Central deputation by the Ministry of Home Affairs.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Army Allocates Rs 6,800 Crore for Indigenous Shoulder-Fired Missiles to Enhance Border Security   

• The Indian Army is undertaking two projects worth over Rs 6,800 crore to develop indigenous Very Short Range Air Defence (VSHORAD) systems.
• These shoulder-fired missile systems are intended to counter aerial threats along the borders with China and Pakistan.
• The Army plans to procure over 500 launchers and around 3,000 missiles through these indigenous projects.

Key Highlights :

• Laser Beam Riding VSHORADS Project : The first project, valued at Rs 4,800 crore, is focused on developing a laser beam riding VSHORADS.
• This project involves collaboration between a Hyderabad-based defense Public Sector Undertaking (PSU) and a private sector firm from Pune.
• The system will be designed to protect against enemy drones, fighter aircraft, and helicopters.
• Allocation of Resources : The Army will be the lead service for this project, with the Indian Air Force also set to receive a portion of the 1,200 missiles and 200 launchers being developed.
• DRDO’s Infra-Red Homing VSHORADS : The Defence Research and Development Organisation (DRDO) is leading the development of an infra-red homing-based Very Short Range Air Defence (VSHORADS) system.
• DRDO is working with its development and production partners, Adani Defence and I-Comm, to create this system.
• The DRDO has conducted tests with a tripod-mounted version and is now focused on miniaturizing the system for shoulder-launched use.

About VSHORAD Systems :

• VSHORAD systems are essential for providing layered air defense against low-flying aircraft, helicopters, and drones.
• The Indian military is working to replace its aging VSHORAD inventory, mainly consisting of the Igla-1M system, which was inducted in 1989 and was set for de-induction in 2013.
• The versatility of VSHORAD systems has been demonstrated in recent conflicts, such as the Russia-Ukraine war.
• Emergency Procurement and Igla-S Revival : To address immediate shortages, the Indian Army and Air Force have procured 96 Russian Igla launchers under Emergency Procurement powers.
• The first batch of 48 launchers has been delivered, with the rest expected soon.
• There is a proposal to revive a previous deal for the Russian Igla-S system, which was halted more than 5 years ago.
• Make in India Initiative:The development of indigenous VSHORAD systems aligns with the Indian government’s “Make in India” initiative, aimed at promoting self-reliance in defense manufacturing.
• Project stakeholders are expected to meet soon to discuss the implementation of these projects within the Make in India framework.

Recent News :

• In April 2024, The Indian Army and Indian Air Force (IAF) celebrated the 40th anniversary of Operation Meghdoot (Cloud Messenger), which commenced on April 13, 1984.

About Indian Army :

• Chief of Defence Staff : General Anil Chauhan
• Chief of the Army Staff : General Manoj Pande

About DRDO :

• Established : 1958
• Headquarters : New Delhi, Delhi
• Chairman : Samir V Kamat
• The DRDO is the premier agency under the Department of Defence Research and Development in the Ministry of Defence of the Government of India.

Indian Navy Conducts Poorvi Lehar Exercise on East Coast

• The Indian Navy conducted Exercise Poorvi Lehar (XPOL) on the East Coast under the Operational Control of The Flag Officer Commanding-in-Chief, Eastern Naval Command.
• Aim of the Exercise : To validate procedures and assess the Indian Navy’s preparedness to meet maritime security challenges in the region.

About XPOL :

• Participants and Phases:The exercise involved the participation of various naval assets, including ships, submarines, aircraft, and special forces.
• XPOL was conducted in multiple phases including combat training in a realistic scenario during the Tactical Phase and successful conduct of various firings during the Weapon Phase towards reaffirming Indian Navy’s capability to deliver ordnance on target.
• Maritime Domain Awareness: During the exercise, the Indian Navy maintained near-continuous Maritime Domain Awareness through the operation of aircraft from diverse locations throughout the area of operations.
• Interoperability with Other Services: The exercise involved not only assets from the Eastern Naval Command but also from the Indian Air Force (IAF), Andaman & Nicobar Command, and the Coast Guard, indicating a high degree of interoperability among different services.
• Learning and Readiness: The exercise provided valuable lessons to the participating forces, allowing them to operate in realistic conditions, thereby enhancing their readiness to respond effectively to maritime challenges in the region.
• Successful Conclusion: The successful completion of XPOL 2024 reaffirms the Indian Navy’s resolve to meet growing security challenges in the maritime domain.

Recent News :

• In April 2024, the Government appointed Vice Admiral Dinesh Kumar Tripathi, PVSM, AVSM, NM, presently serving as the Vice Chief of the Naval Staff, as the 26th Chief of the Naval Staff with effect from April 30, 2024.

About Indian Navy :

• Founded : 1950
• Headquarters : New Delhi, Delhi
• Chief of Defence Staff : General Anil Chauhan
• Chief of the Naval Staff : Admiral R. Hari Kumar (Till April 29, 2024)

CURRENT AFFAIRS: AWARDS AND HONOURS

Venkaiah Naidu, Mithun, Usha Uthup, others conferred Padma awards

• Former vice president M Venkaiah Naidu, founder of Sulabh International Bindeshwar Pathak and a host of other prominent persons were conferred with Padma Awards by President Droupadi Murmu at the Rashtrapati Bhavan.
• Naidu, Pathak, who was given the award posthumously, and renowned Bharatanatyam dancer Padma Subrahmanyam were conferred with the Padma Vibhushan.
• Pathak’s wife Amola received the award from the President.
• Actor Mithun Chakraborty, singer Usha Uthup, former Uttar Pradesh governor Ram Naik and industrialist Sitaram Jindal were conferred with the Padma Bhushan.
• Vice President Jagdeep Dhankhar, Prime Minister Narendra Modi, Union Home Minister Amit Shah and External Affairs Minister S Jaishankar, among others, were present at the function.

Key Highlights

• Gujarat-based cardiologist Tejas Madhusudan Patel, veteran Marathi film director Dattatray Ambadas Mayaloo alias Rajdutt and Chandreshwar Prasad Thakur, a distinguished Physician known globally for his contribution to research and policy on Kala Azar, were given the Padma Bhushan.
• Padma Shri awardees include master carpet weaver from Uttar Pradesh Khalil Ahamad, Madhya Pradesh’s folk singer Kaluram Bamaniya, Bangladeshi singer Rezwana Choudhury Bannya and Chikankari embroidery artist from Uttar Pradesh Naseem Bano.
• Rajbongshi folk singer from West Bengal’s Cooch Behar Gita Roy Barman, tennis player Rohan Bopanna, spiritual figure from Tripura Chitta Ranjan Debbarma, banker Kalpana Morparia, philanthropist Kiran Nadar, social worker from Haryana Gurvinder Singh and folk singer from Uttar Pradesh Urmila Srivastava were also given the Padma Shri.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Rashtriya Raksha University signs MoU with French Starburst Aerospace

• Gandhinagar-based Rashtriya Raksha University (RRU) and Starburst Aerospace of France entered into a memorandum of understanding (MoU) to advance aerospace, defence, and homeland security innovation.
• The MoU includes the creation of a venture capital fund of 100 million euros for aerospace, defence and security tec hnology and provides export promotion support for Indian start-ups to explore international markets.
• The partnership between Starburst and RRU is a reflection of the progress in the India-France Strategic Partnership in defence and space.
• The strategic alliance between RRU, Starburst, and Security and Scientific Technical Research Association (SASTRA), a not-for-profit company set up by RRU, is aimed at fostering innovation and driving advancements in the aerospace, defence and homeland security sectors.

CURRENT AFFAIRS: RANKING AND REPORTS

India ranks 4th in global military spending at $83.6 bn in 2023

• India was the world’s fourth-largest military spender in 2023, making an expenditure of $83.6 billion to modernise a range of weapons and combat systems.
• The United States (US), China, and Russia were the top three spenders in that order, according to the Stockholm International Peace Research Institute (Sipri). India’s military spending saw a 4.2 per cent increase compared to 2022.
• This growth reflects India’s strategic focus on enhancing its defence capabilities and bolstering military infrastructure, particularly along the China border following the Ladakh standoff that began in May 2020.
• India’s modernisation efforts include investments in fighter jets, helicopters, warships, tanks, artillery guns, rockets, missiles, unmanned capabilities, and other combat systems.

India vs China

• The Sipri report comes at a time when India and China have been locked in a standoff along the Line of Actual Control (LAC) in eastern Ladakh since May 2020.
• The two countries have conducted 21 rounds of military talks to address the border dispute.
• India allocated Rs 6.21 trillion for defence spending in the interim Budget for 2024-25, marginally lower than the previous year’s revised estimates but 4.72 per cent higher than the budget estimates for 2023-24.
• This year’s defence budget represents 1.89 per cent of India’s projected gross domestic product (GDP) for 2024-25

Global military spending

• Globally, total military expenditure reached $2443 billion in 2023, marking a 6.8 per cent increase from 2022.
• The report attributed this surge to ongoing conflicts, rising tensions, and global insecurity.
• The US saw a 2.3 per cent increase in military spending, reaching $916 billion, while Russia’s military expenditure surged by 24 per cent to an estimated $109 billion amid the war with Ukraine.

Top 10 countries with highest military spending in 2023

1. United States: $916 billion
2. China: $296 billion (estimated)
3. Russia: $109 billion (estimated)
4. India: $83.6 billion
5. Saudi Arabia: $75.8 billion (estimated)
6. United Kingdom: $74.9 billion
7. Germany: $66.8 billion
8. Ukraine: $64.8 billion
9. France: $61.3 billion
10. Japan: $50.32 billion

CURRENT AFFAIRS: IMPORTANT DAYS

NRL celebrated the 32nd Foundation Day

• Numaligarh Refinery Limited celebrated its 23rd Foundation Day on April 22.
• It was on this day that the company was established in the year 1993 in fulfillment of the commitment made in the historic in Assam Accord of 1985.
• NRL Day was celebrated with enthusiasm in all locations of the company where employees got together to observe this special day.
• At Numaligarh, celebrations commenced in the morning at the main playground of NRL Township with the hoisting of the NRL Day flag by GM (Projects) M.R. Baruah.
• This was followed by rendition of the NRL theme song by a section of the employees.
• Thereafter, NRL Day pledge in Assamese, Hindi and English was administered to all employees.
• MD NRL Mr. P. Padmabhan, in his message to employees, acknowledged their unstinted contribution in achieving excellence in all spheres of activities while exhorting them to strive even harder to meet the challenges ahead.
• He also shared accolades showered upon NRL by the Petroleum Minister Dharmendra Pradhan who during his recent visit termed NRL as a ‘Model Refinery’ which could be the ‘Energy Hub’ of the Northeast.

National Panchayati Raj Day 2024: April 24

• In India 24th April is designated as National Panchayati Raj Day.
• The day is held to remember the passing of the 73rd Amendment to the Constitution on June 17, 1992, and on April 24, 1993, the law went into force.
• In the early 1950s, the first National Developmen t Council recommended the formation of a democratic system of governance at the grassroots level.
• However, till 1993, the formation did not come into act.
• In 1993, by the 73rd Constitutional Amendment Act, the Panchayat system came to be implemented in the rural areas to allow for development to happen at grassroot level.

Daily CA One- Liner: April 24

• The Ministry of Power’s Secretary Pankaj Agarwal and Ambassador of India to the Netherlands Reenat Sandhu jointly inaugurated the India Pavilion at the 26th World Energy Congress (WEC) 2024
• Several small exporters have requested the government to continue the amnesty scheme for one-time settlement of default in export obligation till September, an industry body
• In a significant achievement in India’s mariculture sector, the researchers of the ICAR-Central Marine Fisheries Research Institute (CMFRI) has succeeded in captive breeding of golden trevally (Gnathanodon speciosus), a high value marine fish
• State-owned IFCI has received a capital infusion of Rs 500 crore through the issuance of equity shares to the government on a preferential basis
• Sustaining the economic growth momentum of 7 per cent in 2024-25 and beyond is feasible on the back of favorable monsoon, higher farm productivity and improved global trade, RBI Monetary Policy Committee (MPC) member Shashanka Bhide
• Former vice president M Venkaiah Naidu, founder of Sulabh International Bindeshwar Pathak and a host of other prominent persons were conferred with Padma Awards by President Droupadi Murmu at the Rashtrapati Bhavan.
• Gandhinagar-based Rashtriya Raksha University (RRU) and Starburst Aerospace of France entered into a memorandum of understanding (MoU) to advance aerospace, defence, and homeland security innovation
• India was the world’s fourth-largest military spender in 2023, making an expenditure of $6 billion to modernise a range of weapons and combat systems
• Shriram Finance Limited. (SFL), a non-banking financial company, has introduced a digital fixed deposit (DFD) scheme, along with a fixed income plan (FIP) and a recurring deposit, available exclusively through the Shriram One App and website.
• The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 10 lakh on NABFINS Limited, a subsidiary of NABARD, for non-compliance with certain rules.
• The World Bank is planning to provide a USD 1 billion line of credit to the State Bank of India (SBI) to accelerate India’s transition to clean energy, according to sources familiar with the development.
• Pine Labs-owned API infrastructure company Setu appointed Anand Raisinghani as the company’s new chief executive officer (CEO).
• Hero MotoCorp has announced the resignation of Arun Jaura, Chief Technology Officer (CTO), from his position to pursue personal endeavors.
• The Central Government has approved the appointment of Nidhi S Jain as Chief Vigilance Officer (CVO) of Cotton Corporation of India Limited (CCI).
• Gajanan Sampatrao Kale has been appointed as the new chief executive officer (CEO) of Tata Power Delhi Distribution Limited (TPDDL).
• Sakshi Mittal has been selected for the appointment as Director in the Department of Personnel and Training (DoPT).
• The Indian Army is undertaking two projects worth over Rs 6,800 crore to develop indigenous Very Short Range Air Defence (VSHORAD) systems.
• The Indian Navy conducted Exercise Poorvi Lehar (XPOL) on the East Coast under the Operational Control of The Flag Officer Commanding-in-Chief, Eastern Naval Command.
• Numaligarh Refinery Limited celebrated its 23rd Foundation Day on April 22.
• In India 24th April is designated as National Panchayati Raj Day.

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